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Trade Surplus Up Modestly, Commodity Exports Higher In Oct

AUSTRALIA DATA

Australia's trade surplus was close to expectations, printing at A$7129mn against (A$7500mn forecast and A$6184mn prior). Exports rose 0.4%m/m after falling a revised 1.8% in Sep. Commodity exports were all higher in m/m terms, Iron ore +7.5%, coal 5.9% and natural gas +2.4%.

  • By country, exports to China were up 3% m/m, while exports to Japan rose 3.5%m/m.
  • Y/Y export growth is still comfortably negative in y/y terms, but levels have based somewhat in recent months.
  • Imports were -1.9%m/m after rising a revised 8% in Sep.
  • The trade surplus is just up from recent lows and less than half of the mid 2022 peak (A$17802mn).
Energy BulletsCommodities
Energy BulletsCommodities

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